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Automotive Pump Market: Growth of automotive industry in emerging economies to drive growth
Increasing economic development has led to the growth of major cities and urbanization. Governments are unable to meet the public transport needs of the growing population. This has led most of the urban commuters to purchase cars for convenient commuting, resulting in the robust growth of the automotive industry in these countries. The inability of the railways to provide last-mile connectivity has led to the rise in sales of heavy commercial vehicles for logistics in emerging economies. As automotive pumps play a vital role in ensuring the efficient working of automotive engines, the growth of the automotive industry in emerging economies is a prime factor driving the global automotive pump market.
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As per Technavio, the growth in sales of electronic fuel injected vehicles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2021-2025.
Automotive Pump Market: Growth in sales of electronic fuel injected vehicles
Automakers have been increasing the penetration of electronic fuel injected vehicles which drives demand for electronic fuel injected vehicles among consumers, which, in turn, is driving the growth of the global automotive pump (specifically fuel pumps) market. Automotive fuel injection systems help to determine the vehicle's performance, along with ensuring fuel efficiency and reducing carbon emissions. Automakers have increased the use of multi-port fuel injection systems in modern vehicles, which offers a precise and accurate flow of fuel into the intake manifold. These vehicles use electric fuel pump as part of the fuel injection system, and the increasing sales volume of such vehicles is driving the growth of the market in focus.
"The developments in the field of hydrocarbon evaporation control systems and the focus of OEMs on developing autonomous vehicles will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Automotive Pump Market: Major Vendors
- Aisan Industry Co. Ltd.
- Aisin Seiki Co. Ltd.
- Continental AG
- Delphi Technologies Plc
- DENSO Corp.
Automotive Pump Market: Segmentation Analysis
This market research report segments the automotive pump market by application (Passenger cars and commercial vehicles) and geography (APAC, North America, Europe, MEA, and South America).
The APAC region led the automotive pump market in 2021, followed by North America, Europe, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the adoption of new or improved emission standards.
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Some of the key topics covered in the report include:
Market Challenges
Market Drivers
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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